What happens to my Student Bank Account after I have passed out of the College or University?

Status of Your Student Chequing Account After Passing Out of College

Once you attain graduation, your bank typically switches your student chequing account to a regular chequing account. The bank will offer you features on the new account according to the kind of transactions you’ve been making during your student days. For instance, if you’ve been using more debit transactions and email money transfers, your bank may switch you to an account that carries unlimited debit transactions.

However, there is always a possibility that your banking needs change once you pass out of college and the features offered are no longer suitable. If you think that you could be paying higher fees for facilities that you no longer use, you may want to get in touch with your bank before it makes the switch and chooses an account that has the features that you now need.

All major banks in Canada offer student bank accounts, which have specific services and facilities. Banks see this as an opportunity to improve their client base and ‘catch them young’. Opening and maintaining the account is a simple process in Canada. The savings account fetches a higher interest rate than other account types.

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